Oregon Public Broadcasting

Portland’s once booming condo market has been busting over the last two years. As Kristian Foden-Vencil reports, developers along the South Waterfront area are now cutting prices by 30 to 40 percent.

The John Ross is a 30 story oval tower that offers stunning 360 degree views of downtown Portland and the Willamette.

A studio advertised for $300,000 last week, is now being marked at $200,000. The three bedroom penthouse has dropped from $2.5 million to $1.5 million.

Of course, home owner association dues of $1600 a month go on top of that. But, says developer Mark Edlen the new prices are a recognition that demand has dried up.

Mark Edlen: “Regardless of whether we’ve hit a reset button or not, our expectation is that the current conditions that the economy faces are not going to change overnight.”

The Real Estate Multiple Listings Service shows almost 1000 condos for sale around Portland’s downtown core.